– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Total Revenues of $63.7 million; Up 41% Year-over-Year
Cloud Revenues Up 63% Year-over-Year
Increased Adoption of JFrog Platform and Security Capabilities Drives Revenue Acceleration
Customers with ARR Greater than $100k Grew 52% Year-over-Year to 599
SUNNYVALE, Calif.--(BUSINESS WIRE)--JFrog Ltd. (“JFrog”) (Nasdaq: FROG), the Liquid Software company and creators of the JFrog DevOps Platform, today announced financial results for its first quarter, ended March 31, 2022.
“JFrog demonstrated a solid start to 2022, as Q1 was yet another strong quarter. We’re excited to see the growing number of customers transitioning to the cloud, securing their software supply chain, and powering their DevOps pipelines with the JFrog Platform,” said Shlomi Ben Haim, JFrog Co-founder and CEO. “Our consistent investment in an end-to-end DevOps platform, that includes advanced security and distribution capabilities, answers the market demand. Our focus on multi-cloud, hybrid, and self-hosted offerings continues to bear fruit.”
First Quarter Financial Highlights
Recent Business & Product Highlights
Second Quarter and Fiscal Year 2022 Outlook
The section titled "Non-GAAP Financial Information" below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.
Conference Call Details
A live webcast of the conference call will be accessible from the investor relations website at https://investors.jfrog.com/events-and-presentations.
JFrog Ltd. (Nasdaq: FROG), is on a mission to power all the world’s software updates, driven by a “Liquid Software” vision to allow the seamless, secure, fearless flow of binaries from developers to the edge. The JFrog DevOps Platform enables software creators to power their entire software supply chain throughout the full binary lifecycle, so they can build, secure, distribute, and connect any source with any production environment. JFrog’s hybrid, universal, multi-cloud DevOps platform is available as both self-hosted and SaaS services across major cloud service providers. Millions of users and thousands of customers worldwide, including a majority of the Fortune 100, depend on JFrog solutions to securely embrace digital transformation. Once you leap forward, you won’t go back! Learn more at jfrog.com and follow us on Twitter: @JFrog.
Forward-Looking Statements:
This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the U.S. federal securities laws, including but not limited to statements regarding JFrog’s future financial performance, including our outlook for the second quarter and for the full year of 2022, our leadership position in the markets in which we participate, our ability to drive growth, our expectations regarding the market and revenue potential for JFrog Artifactory, JFrog Xray, JFrog Distribution and JFrog Connect, the growth potential of our cloud business, our ability to provide effective tools and solutions to detect and remediate security vulnerabilities, the ability of our strategic sales team to grow the business across top-tier accounts, our ability to expand usage of our platform in the government and commercial sectors, our ability to successfully integrate acquisitions into our business operations, including the DevOps platform, and realize anticipated benefits and synergies from such acquisitions, our ability to contribute data to global security standards bodies, and our ability to innovate and meet market demands. These forward-looking statements are based on JFrog’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause JFrog’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement.
There are a significant number of factors that could cause actual results to differ materially from statements made in this press release and our earnings call, including but not limited to: risks associated with managing our rapid growth; our history of losses; our limited operating history; our ability to retain and upgrade existing customers our ability to attract new customers; our ability to effectively develop and expand our sales and marketing capabilities; our ability to integrate and realize anticipated synergies from acquisitions of complementary businesses; risk of a security breach incident or product vulnerability; risk of interruptions or performance problems associated with our products and platform capabilities; our ability to adapt and respond to rapidly changing technology or customer needs; our ability to compete in the markets in which we participate; our ability to successfully integrate technology from recent acquisitions, into our offerings; our ability to provide continuity to our respective customers following our acquisitions, and our ability to realize innovations following the acquisition; general market, political, economic, and business conditions; and the duration and impact of the COVID-19 pandemic. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the Securities and Exchange Commission, including in our annual report on Form 10-K for the year ended December 31, 2021, our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the Securities and Exchange Commission. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.
About Non-GAAP Financial Measures:
JFrog discloses the following non-GAAP financial measures in this release and the earnings call referencing this press release: non-GAAP operating income (loss), non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (research and development, sales and marketing, general and administrative), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, non-GAAP net income (loss) per basic share, and free cash flow. JFrog uses each of these non-GAAP financial measures internally to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate JFrog’s financial performance. JFrog believes they are useful to investors, as a supplement to GAAP measures, in evaluating its operational performance, as further discussed below. JFrog’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to non-recurring and unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on JFrog’s reported financial results.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, reconciling items that may be incurred in the future such as share-based compensation, the effect of which may be significant.
JFrog defines non-GAAP gross profit, non-GAAP operating expenses (research and development, sales and marketing, general and administrative), non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating income (loss) and non-GAAP net income (loss) as the respective GAAP balances, adjusted for, as applicable: (1) share-based compensation expense; (2) the amortization of acquired intangibles; (3) acquisition-related costs; (4) legal settlement costs and (5) income tax effects. JFrog defines free cash flow as Net cash provided by (used in) operating activities, minus capital expenditures. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.
Management believes these non-GAAP financial measures are useful to investors and others in assessing JFrog’s operating performance due to the following factors:
Share-based compensation. JFrog utilizes share-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of its shareholders and at long-term retention, rather than to address operational performance for any particular period. As a result, share-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period.
Amortization of acquired intangibles. JFrog views amortization of acquired intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of acquired intangibles is an expense that is not typically affected by operations during any particular period.
Acquisition-related costs. Acquisition-related costs include expenses related to acquisitions of other companies. JFrog views acquisition-related costs as expenses that are not necessarily reflective of operational performance during a period.
Legal settlement costs. From time to time JFrog incurs charges related to litigation settlements. We exclude these charges and related professional service costs when associated with a significant settlement because they are not reflective of JFrog’s ongoing business and operating results.
Income tax effects. JFrog’s non-GAAP financial results are adjusted for income tax effects related to these non-GAAP adjustments and changes in our assessment regarding the realizability of our deferred tax assets, if any. Excluding income tax effects of non-GAAP adjustments provides a more accurate view of JFrog’s operating results.
Non-GAAP weighted average share count. Diluted GAAP and non-GAAP weighted-average shares are the same, except in periods that there is a GAAP loss and a non-GAAP income. The non-GAAP weighted-average shares used to compute the non-GAAP net income per share - diluted are adjusted to reflect dilution equal to the dilutive impact had there been GAAP income.
Additionally, JFrog’s management believes that the non-GAAP financial measure, free cash flow, is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered to be a necessary component of ongoing operations.
Operating Metrics
JFrog’s number of customers with annual recurring revenue (“ARR”) of $100,000 or more is based on the ARR of each customer, as of the last month of the quarter. JFrog’s number of customers with ARR of $1 million or more is based on the ARR of each customer, as of the last month of the quarter. JFrog defines ARR as the annualized revenue run-rate of subscription agreements from all customers as of the last month of the quarter. The ARR includes monthly subscription customers, so long as JFrog generates revenue from these customers. JFrog annualizes its monthly subscriptions by taking the revenue it would contractually expect to receive from such customers in a given month and multiplying it by 12.
JFrog’s net dollar retention rate compares its ARR from the same set of customers across comparable periods. JFrog calculates net dollar retention rate by first identifying customers (the “Base Customers”), which were customers in the last month of a particular quarter (the “Base Quarter”). JFrog then calculates the contracted ARR from these Base Customers in the last month of the same quarter of the subsequent year (the “Comparison Quarter”). This calculation captures upsells, contraction, and attrition since the Base Quarter. JFrog then divides total Comparison Quarter ARR by total Base Quarter ARR for Base Customers. JFrog’s net dollar retention rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters.
JFROG LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data; unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
2021 |
||||
Revenue: |
|
|
|
|
||||
Subscription—self-managed and SaaS |
|
$ |
59,069 |
|
|
$ |
41,338 |
|
License—self-managed |
|
|
4,627 |
|
|
|
3,749 |
|
Total subscription revenue |
|
|
63,696 |
|
|
|
45,087 |
|
Cost of revenue: |
|
|
|
|
||||
Subscription—self-managed and SaaS(1)(2)(3) |
|
|
13,643 |
|
|
|
8,236 |
|
License—self-managed(3) |
|
|
220 |
|
|
|
191 |
|
Total cost of revenue—subscription |
|
|
13,863 |
|
|
|
8,427 |
|
Gross profit |
|
|
49,833 |
|
|
|
36,660 |
|
Operating expenses: |
|
|
|
|
||||
Research and development(1)(2) |
|
|
27,101 |
|
|
|
13,836 |
|
Sales and marketing(1)(2)(3) |
|
|
29,180 |
|
|
|
19,765 |
|
General and administrative(1)(2)(4) |
|
|
12,691 |
|
|
|
13,671 |
|
Total operating expenses |
|
|
68,972 |
|
|
|
47,272 |
|
Operating loss |
|
|
(19,139 |
) |
|
|
(10,612 |
) |
Interest and other income, net |
|
|
273 |
|
|
|
360 |
|
Loss before income taxes |
|
|
(18,866 |
) |
|
|
(10,252 |
) |
Income tax expense (benefit) |
|
|
838 |
|
|
|
(2,357 |
) |
Net loss |
|
$ |
(19,704 |
) |
|
$ |
(7,895 |
) |
|
|
|
|
|
||||
Net loss per share - basic and diluted |
|
$ |
(0.20 |
) |
|
$ |
(0.09 |
) |
Weighted-average shares used in computing net loss per share, basic and diluted |
|
|
97,884 |
|
|
|
92,680 |
|
|
|
|
|
|
||||
(1) Includes share-based compensation expense as follows: |
|
|
|
|
||||
Cost of revenue: subscription—self-managed and SaaS |
|
$ |
1,306 |
|
|
$ |
762 |
|
Research and development |
|
|
5,132 |
|
|
|
1,829 |
|
Sales and marketing |
|
|
4,755 |
|
|
|
2,723 |
|
General and administrative |
|
|
2,881 |
|
|
|
6,436 |
|
Total share-based compensation expense |
|
$ |
14,074 |
|
|
$ |
11,750 |
|
|
|
|
|
|
||||
(2) Includes acquisition-related costs as follows: |
|
|
|
|
||||
Cost of revenue: subscription–self-managed and SaaS |
|
$ |
7 |
|
|
$ |
— |
|
Research and development |
|
|
2,375 |
|
|
|
351 |
|
Sales and marketing |
|
|
124 |
|
|
|
— |
|
General and administrative |
|
|
166 |
|
|
|
— |
|
Total acquisition-related costs |
|
$ |
2,672 |
|
|
$ |
351 |
|
|
|
|
|
|
||||
(3) Includes amortization of acquired intangibles as follows: |
|
|
|
|
||||
Cost of revenue: subscription–self-managed and SaaS |
|
$ |
2,386 |
|
|
$ |
— |
|
Cost of revenue: license—self-managed |
|
|
220 |
|
|
|
191 |
|
Sales and marketing |
|
|
236 |
|
|
|
182 |
|
Total amortization of acquired intangible assets |
|
$ |
2,842 |
|
|
$ |
373 |
|
|
|
|
|
|
||||
(4) Includes legal settlement costs as follows: |
|
|
|
|
||||
General and administrative |
|
$ |
94 |
|
|
$ |
— |
|
JFROG LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands; unaudited) |
||||||||
|
|
March 31, 2022 |
|
December 31, 2021 |
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
59,577 |
|
|
$ |
68,284 |
|
Short-term investments |
|
|
368,073 |
|
|
|
352,844 |
|
Accounts receivable, net |
|
|
49,389 |
|
|
|
50,483 |
|
Deferred contract acquisition costs |
|
|
5,949 |
|
|
|
5,271 |
|
Prepaid expenses and other current assets |
|
|
24,363 |
|
|
|
22,140 |
|
Total current assets |
|
|
507,351 |
|
|
|
499,022 |
|
Property and equipment, net |
|
|
7,377 |
|
|
|
6,689 |
|
Deferred contract acquisition costs, noncurrent |
|
|
10,499 |
|
|
|
9,120 |
|
Operating lease right-of-use assets |
|
|
24,235 |
|
|
|
25,999 |
|
Intangible assets, net |
|
|
45,138 |
|
|
|
47,980 |
|
Goodwill |
|
|
247,955 |
|
|
|
247,776 |
|
Other assets, noncurrent |
|
|
13,841 |
|
|
|
15,942 |
|
Total assets |
|
$ |
856,396 |
|
|
$ |
852,528 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
12,050 |
|
|
$ |
10,868 |
|
Accrued expenses and other current liabilities |
|
|
28,891 |
|
|
|
27,954 |
|
Operating lease liabilities |
|
|
7,205 |
|
|
|
7,293 |
|
Deferred revenue |
|
|
134,611 |
|
|
|
129,149 |
|
Total current liabilities |
|
|
182,757 |
|
|
|
175,264 |
|
Deferred revenue, noncurrent |
|
|
17,772 |
|
|
|
17,957 |
|
Operating lease liabilities, noncurrent |
|
|
17,943 |
|
|
|
20,014 |
|
Other liabilities, noncurrent |
|
|
1,406 |
|
|
|
712 |
|
Total liabilities |
|
|
219,878 |
|
|
|
213,947 |
|
Shareholders’ equity: |
|
|
|
|
||||
Share capital |
|
|
276 |
|
|
|
272 |
|
Additional paid-in capital |
|
|
795,808 |
|
|
|
776,690 |
|
Accumulated other comprehensive income (loss) |
|
|
(870 |
) |
|
|
611 |
|
Accumulated deficit |
|
|
(158,696 |
) |
|
|
(138,992 |
) |
Total shareholders’ equity |
|
|
636,518 |
|
|
|
638,581 |
|
Total liabilities and shareholders’ equity |
|
$ |
856,396 |
|
|
$ |
852,528 |
|
JFROG LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands; unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(19,704 |
) |
|
$ |
(7,895 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
3,519 |
|
|
|
1,006 |
|
Share-based compensation expense |
|
|
14,074 |
|
|
|
11,750 |
|
Non-cash operating lease expense |
|
|
1,806 |
|
|
|
1,278 |
|
Net amortization of premium or discount on investments |
|
|
1,628 |
|
|
|
1,343 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
1,094 |
|
|
|
(14,375 |
) |
Prepaid expenses and other assets |
|
|
(889 |
) |
|
|
(2,386 |
) |
Deferred contract acquisition costs |
|
|
(2,057 |
) |
|
|
(1,384 |
) |
Accounts payable |
|
|
960 |
|
|
|
(954 |
) |
Accrued expenses and other liabilities |
|
|
1,524 |
|
|
|
3,658 |
|
Operating lease liabilities |
|
|
(2,201 |
) |
|
|
(1,367 |
) |
Deferred revenue |
|
|
5,277 |
|
|
|
18,137 |
|
Net cash provided by operating activities |
|
|
5,031 |
|
|
|
8,811 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of short-term investments |
|
|
(92,211 |
) |
|
|
(88,580 |
) |
Maturities and sales of short-term investments |
|
|
74,637 |
|
|
|
61,825 |
|
Purchases of property and equipment |
|
|
(1,143 |
) |
|
|
(1,135 |
) |
Payments related to business combination |
|
|
(179 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(18,896 |
) |
|
|
(27,890 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from exercise of share options |
|
|
1,795 |
|
|
|
2,290 |
|
Proceeds from employee share purchase plan |
|
|
3,253 |
|
|
|
— |
|
Proceeds from employee equity transactions, net of payments to be remitted to tax authorities |
|
|
107 |
|
|
|
(1,008 |
) |
Net cash provided by financing activities |
|
|
5,155 |
|
|
|
1,282 |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
|
(8,710 |
) |
|
|
(17,797 |
) |
Cash, cash equivalents, and restricted cash—beginning of period |
|
|
68,540 |
|
|
|
164,739 |
|
Cash, cash equivalents, and restricted cash—end of period |
|
$ |
59,830 |
|
|
$ |
146,942 |
|
Reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
59,577 |
|
|
$ |
146,676 |
|
Restricted cash included in prepaid expenses and other current assets |
|
|
13 |
|
|
|
14 |
|
Restricted cash included in other assets, noncurrent |
|
|
240 |
|
|
|
252 |
|
Total cash, cash equivalents, and restricted cash |
|
$ |
59,830 |
|
|
$ |
146,942 |
|
JFROG LTD. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (in thousands except per share data; unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
2021 |
||||
Reconciliation of gross profit and gross margin |
|
|
|
|
||||
GAAP gross profit |
|
$ |
49,833 |
|
|
$ |
36,660 |
|
Plus: Share-based compensation expense |
|
|
1,306 |
|
|
|
762 |
|
Plus: Acquisition-related costs |
|
|
7 |
|
|
|
— |
|
Plus: Amortization of acquired intangibles |
|
|
2,606 |
|
|
|
191 |
|
Non-GAAP gross profit |
|
$ |
53,752 |
|
|
$ |
37,613 |
|
GAAP gross margin |
|
|
78.2 |
% |
|
|
81.3 |
% |
Non-GAAP gross margin |
|
|
84.4 |
% |
|
|
83.4 |
% |
|
|
|
|
|
||||
Reconciliation of operating expenses |
|
|
|
|
||||
GAAP research and development |
|
$ |
27,101 |
|
|
$ |
13,836 |
|
Less: Share-based compensation expense |
|
|
(5,132 |
) |
|
|
(1,829 |
) |
Less: Acquisition-related costs |
|
|
(2,375 |
) |
|
|
(351 |
) |
Non-GAAP research and development |
|
$ |
19,594 |
|
|
$ |
11,656 |
|
|
|
|
|
|
||||
GAAP sales and marketing |
|
$ |
29,180 |
|
|
$ |
19,765 |
|
Less: Share-based compensation expense |
|
|
(4,755 |
) |
|
|
(2,723 |
) |
Less: Acquisition-related costs |
|
|
(124 |
) |
|
|
— |
|
Less: Amortization of acquired intangibles |
|
|
(236 |
) |
|
|
(182 |
) |
Non-GAAP sales and marketing |
|
$ |
24,065 |
|
|
$ |
16,860 |
|
|
|
|
|
|
||||
GAAP general and administrative |
|
$ |
12,691 |
|
|
$ |
13,671 |
|
Less: Share-based compensation expense |
|
|
(2,881 |
) |
|
|
(6,436 |
) |
Less: Acquisition-related costs |
|
|
(166 |
) |
|
|
— |
|
Less: Legal settlement costs |
|
|
(94 |
) |
|
|
— |
|
Non-GAAP general and administrative |
|
$ |
9,550 |
|
|
$ |
7,235 |
|
|
|
|
|
|
||||
Reconciliation of operating income (loss) and operating margin |
|
|
|
|
||||
GAAP operating loss |
|
$ |
(19,139 |
) |
|
$ |
(10,612 |
) |
Plus: Share-based compensation expense |
|
|
14,074 |
|
|
|
11,750 |
|
Plus: Acquisition-related costs |
|
|
2,672 |
|
|
|
351 |
|
Plus: Amortization of acquired intangibles |
|
|
2,842 |
|
|
|
373 |
|
Plus: Legal settlement costs |
|
|
94 |
|
|
|
— |
|
Non-GAAP operating income |
|
$ |
543 |
|
|
$ |
1,862 |
|
GAAP operating margin |
|
|
(30.0 |
)% |
|
|
(23.5 |
)% |
Non-GAAP operating margin |
|
|
0.9 |
% |
|
|
4.1 |
% |
|
|
|
|
|
||||
Reconciliation of net income (loss) |
|
|
|
|
||||
GAAP net loss |
|
$ |
(19,704 |
) |
|
$ |
(7,895 |
) |
Plus: Share-based compensation expense |
|
|
14,074 |
|
|
|
11,750 |
|
Plus: Acquisition-related costs |
|
|
2,672 |
|
|
|
351 |
|
Plus: Amortization of acquired intangibles |
|
|
2,842 |
|
|
|
373 |
|
Plus: Legal settlement costs |
|
|
94 |
|
|
|
— |
|
Plus: Income tax effects |
|
|
180 |
|
|
|
(2,736 |
) |
Non-GAAP net income |
|
$ |
158 |
|
|
$ |
1,843 |
|
Net income per share - basic |
|
$ |
0.00 |
|
|
$ |
0.02 |
|
Net income per share - diluted |
|
$ |
0.00 |
|
|
$ |
0.02 |
|
Shares used in non-GAAP net income (loss) per share calculations: |
|
|
|
|
||||
GAAP weighted-average shares used to compute net income (loss) per share - basic and diluted |
|
|
97,884 |
|
|
|
92,680 |
|
Add: Dilutive ordinary share equivalents |
|
|
6,065 |
|
|
|
10,563 |
|
Non-GAAP weighted-average shares used to compute net income per share - diluted |
|
|
103,949 |
|
|
|
103,243 |
|
JFROG LTD. RECONCILIATION OF GAAP CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW (in thousands; unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
2021 |
||||
Net cash provided by operating activities |
|
$ |
5,031 |
|
|
$ |
8,811 |
|
Less: purchases of property and equipment |
|
|
(1,143 |
) |
|
|
(1,135 |
) |
Free cash flow |
|
$ |
3,888 |
|
|
$ |
7,676 |
|
Общая выручка составила 63,7 млн долларов США; Рост на 41% по сравнению с аналогичным периодом прошлого года
Доходы от облачных вычислений Выросли на 63% в годовом исчислении
Более широкое внедрение платформы JFrog и возможностей безопасности способствует увеличению доходов
Клиенты с ARR более 100 тыс. долларов Выросли на 52% в годовом исчислении до 599
САННИВЕЙЛ, Калифорния.-- (BUSINESS WIRE)--JFrog Ltd. (“JFrog”) (Nasdaq: FROG), компания по разработке программного обеспечения Liquid и создатели платформы JFrog DevOps, сегодня объявила финансовые результаты за первый квартал, закончившийся 31 марта 2022 года.
“JFrog продемонстрировал уверенное начало 2022 года, поскольку первый квартал стал еще одним сильным кварталом. Мы рады видеть, что все большее число клиентов переходят в облако, защищают свою цепочку поставок программного обеспечения и поддерживают свои конвейеры DevOps с помощью платформы JFrog”, - сказал Шломи Бен Хаим, соучредитель и генеральный директор JFrog. “Наши постоянные инвестиции в комплексную платформу DevOps, которая включает в себя расширенные возможности безопасности и распространения, отвечают рыночному спросу. Наше внимание к мультиоблачным, гибридным и автономным предложениям продолжает приносить свои плоды”.
Основные финансовые показатели Первого квартала
Последние новости о бизнесе и продуктах
Прогноз на Второй квартал и 2022 финансовый год
В разделе, озаглавленном "Финансовая информация, не относящаяся к GAAP", ниже описывается использование нами финансовых показателей, не относящихся к GAAP. Сверки между исторической информацией по ОПБУ и информацией, не относящейся к ОПБУ, содержатся в конце этого пресс-релиза после прилагаемых финансовых данных.
Подробности конференц-звонка
Прямая трансляция телефонной конференции будет доступна с веб-сайта по связям с инвесторами по адресу https://investors .JFrog.com/events-and-presentations .
JFrog Ltd. (Nasdaq: FROG), стремится обеспечить все обновления программного обеспечения в мире, руководствуясь концепцией “Ликвидного программного обеспечения”, позволяющей беспрепятственно, безопасно и бесстрашно передавать двоичные файлы от разработчиков к edge. Платформа JFrog DevOps позволяет создателям программного обеспечения управлять всей цепочкой поставок программного обеспечения на протяжении всего жизненного цикла бинарных файлов, чтобы они могли создавать, защищать, распространять и подключать любой источник к любой производственной среде. Гибридная универсальная многооблачная платформа DevOps от JFrog доступна как в виде самостоятельных, так и в виде SaaS-сервисов у основных поставщиков облачных услуг. Миллионы пользователей и тысячи клиентов по всему миру, включая большинство из списка Fortune 100, зависят от решений JFrog для надежного внедрения цифровых преобразований. Как только вы прыгнете вперед, вы уже не вернетесь назад! Узнайте больше на сайте JFrog.com и подписывайтесь на нас в Твиттере: @JFrog.
Прогнозные заявления:
Этот пресс-релиз и объявление о доходах, ссылающееся на этот пресс-релиз, содержат “прогнозные” заявления, поскольку этот термин определен в соответствии с федеральным законодательством США о ценных бумагах, включая, но не ограничиваясь заявлениями о будущих финансовых результатах JFrog, включая наш прогноз на второй квартал и на весь 2022 год, наш лидерские позиции на рынках, в которых мы участвуем, наша способность стимулировать рост, наши ожидания относительно рынка и потенциального дохода для JFrog Artifactory, JFrog Xray, JFrog Distribution и JFrog Connect, потенциал роста нашего облачного бизнеса, наша способность предоставлять эффективные инструменты и решения для обнаружения и устранения уязвимостей в системе безопасности, способность нашей команды стратегических продаж развивать бизнес с помощью аккаунтов высшего уровня, наша способность расширять использование нашей платформы в государственном и коммерческом секторах, наша способность успешно интегрировать приобретения в наши бизнес-операции, включая платформу DevOps, и реализовать ожидаемые выгоды и синергию от таких приобретений, наша способность предоставлять данные глобальным органам по стандартизации безопасности, а также нашу способность внедрять инновации и удовлетворять требования рынка. Эти прогнозные заявления основаны на текущих предположениях, ожиданиях и убеждениях JFrog и подвержены существенным рискам, неопределенностям, допущениям и изменениям обстоятельств, которые могут привести к тому, что фактические результаты, показатели или достижения JFrog будут существенно отличаться от тех, которые выражены или подразумеваются в любом прогнозном заявлении.
Существует значительное количество факторов, которые могут привести к тому, что фактические результаты могут существенно отличаться от заявлений, сделанных в этом пресс-релизе и нашем отчете о доходах, включая, но не ограничиваясь ими: риски, связанные с управлением нашим быстрым ростом; наша история убытков; наша ограниченная операционная история; наша способность удерживать и повышать квалификацию существующих клиентов. способность привлекать новых клиентов; наша способность эффективно развивать и расширять наши возможности в области продаж и маркетинга; наша способность интегрировать и реализовать ожидаемые синергетические эффекты от приобретения дополнительных предприятий; риск инцидента с нарушением безопасности или уязвимостью продукта; риск сбоев или проблем с производительностью, связанных с нашими продуктами и возможностями платформы; наша способность адаптироваться и реагировать на быстро меняющиеся технологии или потребности клиентов; наша способность конкурировать на рынках, в которых мы участвуем; наша способность успешно интегрировать технологии, полученные в результате недавних приобретений, в наши предложения; наша способность обеспечивать непрерывность обслуживания наших соответствующих клиентов после наших приобретений и наша способность внедрять инновации после приобретения; общие рыночные, политические, экономические и деловые условия; а также продолжительность и последствия пандемии COVID-19. Наши фактические результаты могут существенно отличаться от заявленных или подразумеваемых в прогнозных заявлениях из-за ряда факторов, включая, но не ограничиваясь ими, риски, подробно описанные в наших заявках в Комиссию по ценным бумагам и биржам, в том числе в нашем годовом отчете по форме 10-K за год, закончившийся 31 декабря 2021 года, наши ежеквартальные отчеты по форме 10-Q, а также другие документы и отчеты, которые мы можем время от времени подавать в Комиссию по ценным бумагам и биржам. Прогнозные заявления отражают наши убеждения и предположения только на дату настоящего пресс-релиза. Мы отказываемся от каких-либо обязательств по обновлению прогнозных заявлений.
О финансовых показателях, Не относящихся к GAAP:
JFrog раскрывает следующие финансовые показатели, не относящиеся к GAAP, в этом выпуске и в отчете о доходах, ссылающемся на этот пресс-релиз: операционный доход (убыток), не относящийся к GAAP, валовая прибыль, не относящаяся к GAAP, валовая прибыль, не относящаяся к GAAP, операционные расходы, не относящиеся к GAAP (исследования и разработки, продажи и маркетинг, общие и административные), операционная маржа без учета GAAP, чистая прибыль (убыток) без учета GAAP, чистая прибыль (убыток) без учета GAAP на разводненную акцию, чистая прибыль (убыток) без учета GAAP на базовую акцию и свободный денежный поток. JFrog использует каждый из этих финансовых показателей, не относящихся к GAAP, внутри компании для понимания и сравнения операционных результатов за отчетные периоды, для целей внутреннего составления бюджета и прогнозирования, для краткосрочных и долгосрочных операционных планов, а также для оценки финансовых показателей JFrog. JFrog считает, что они полезны для инвесторов в качестве дополнения к показателям GAAP при оценке его операционных показателей, как описано ниже. Финансовые показатели JFrog, не относящиеся к GAAP, могут не предоставлять информацию, непосредственно сопоставимую с информацией, предоставляемой другими компаниями в своей отрасли, поскольку другие компании в своей отрасли могут рассчитывать финансовые результаты, не относящиеся к GAAP, по-разному, особенно в отношении разовых и необычных статей. Кроме того, существуют ограничения в использовании финансовых показателей, не относящихся к GAAP, поскольку финансовые показатели, не относящиеся к GAAP, не подготовлены в соответствии с GAAP и могут отличаться от финансовых показателей, не относящихся к GAAP, используемых другими компаниями, и исключают расходы, которые могут оказать существенное влияние на отчетные финансовые результаты JFrog.
Финансовые показатели, не относящиеся к ОПБУ, не следует рассматривать в отрыве от финансовой информации, подготовленной в соответствии с ОПБУ, или в качестве замены для нее.
Сверка исторических финансовых показателей, не относящихся к GAAP, с их наиболее непосредственно сопоставимыми показателями GAAP была представлена в таблицах финансовой отчетности, приведенных ниже в этом пресс-релизе. Сверка руководящих показателей, не относящихся к GAAP, с соответствующими показателями GAAP невозможна на прогнозной основе без необоснованных усилий из-за неопределенности и потенциальной изменчивости выверки статей, которые могут возникнуть в будущем, таких как компенсация на основе акций, эффект от которой может быть значительным.
JFrog определяет валовую прибыль без учета GAAP, операционные расходы без учета GAAP (исследования и разработки, продажи и маркетинг, общие и административные), валовую прибыль без учета GAAP, операционную маржу без учета GAAP, операционный доход (убыток) без учета GAAP и чистую прибыль (убыток) без учета GAAP как соответствующие GAAP остатки, скорректированные с учетом, в зависимости от обстоятельств: (1) компенсационные расходы, основанные на акциях; (2) амортизация приобретенных нематериальных активов; (3) затраты, связанные с приобретением; (4) судебные издержки и (5) влияние налога на прибыль. JFrog определяет свободный денежный поток как чистые денежные средства, полученные от (использованные в) операционной деятельности, за вычетом капитальных затрат. Инвесторам рекомендуется пересмотреть сверку этих исторических финансовых показателей, не относящихся к GAAP, с их наиболее непосредственно сопоставимыми финансовыми показателями GAAP.
Руководство считает, что эти финансовые показатели, не относящиеся к GAAP, полезны для инвесторов и других лиц при оценке операционных показателей JFrog из-за следующих факторов:
Компенсация на основе акций. JFrog использует вознаграждение на основе акций для привлечения и удержания сотрудников. Это в основном направлено на согласование их интересов с интересами акционеров и на долгосрочное удержание, а не на решение операционных показателей за какой-либо конкретный период. В результате расходы на компенсацию, основанные на акциях, варьируются по причинам, которые, как правило, не связаны с финансовыми и операционными показателями за какой-либо конкретный период.
Амортизация приобретенных нематериальных активов. JFrog рассматривает амортизацию приобретенных нематериальных активов как статьи, возникающие в результате деятельности, предшествующей приобретению, определенной на момент приобретения. Хотя эти нематериальные активы регулярно оцениваются на предмет обесценения, амортизация стоимости приобретенных нематериальных активов является расходом, на который обычно не влияют операции в течение какого-либо конкретного периода.
Расходы, связанные с приобретением. Затраты, связанные с приобретением, включают расходы, связанные с приобретением других компаний. JFrog рассматривает затраты, связанные с приобретением, как расходы, которые не обязательно отражают операционные показатели в течение периода.
Судебные издержки. Время от времени JFrog несет расходы, связанные с урегулированием судебных споров. Мы исключаем эти сборы и связанные с ними расходы на профессиональные услуги, когда они связаны со значительным урегулированием, поскольку они не отражают текущую деятельность и операционные результаты JFrog.
Влияние подоходного налога. Финансовые результаты JFrog, не относящиеся к GAAP, скорректированы с учетом влияния налога на прибыль, связанного с этими корректировками, не относящимися к GAAP, и изменениями в нашей оценке возможности реализации наших отложенных налоговых активов, если таковые имеются. Исключение влияния корректировок, не связанных с ОПБУ, на подоходный налог обеспечивает более точное представление о результатах деятельности JFrog.
Средневзвешенное количество акций без учета ОПБУ. Разводненные средневзвешенные акции по ОПБУ и не по ОПБУ одинаковы, за исключением периодов, когда есть убыток по ОПБУ и доход, не по ОПБУ. Средневзвешенные акции без учета GAAP, используемые для расчета чистой разводненной прибыли на акцию без учета GAAP, корректируются с учетом разводнения, равного разводняющему влиянию, если бы был доход по GAAP.
Кроме того, руководство JFrog считает, что финансовый показатель, не относящийся к GAAP, свободный денежный поток, имеет значение для инвесторов, поскольку руководство рассматривает денежные потоки, полученные от операций, после учета капитальных затрат в связи с тем фактом, что эти расходы считаются необходимым компонентом текущих операций.
Операционные показатели
Количество клиентов JFrog с годовым постоянным доходом (“ARR”) в размере 100 000 долларов США или более основано на ARR каждого клиента по состоянию на последний месяц квартала. Количество клиентов JFrog с ARR от 1 миллиона долларов или более основано на ARR каждого клиента по состоянию на последний месяц квартала. JFrog определяет ARR как показатель годовой выручки по соглашениям о подписке от всех клиентов по состоянию на последний месяц квартала. ARR включает клиентов с ежемесячной подпиской, при условии, что JFrog генерирует доход от этих клиентов. JFrog пересчитывает свои ежемесячные подписки на год, беря доход, который он по контракту ожидал бы получить от таких клиентов в данном месяце, и умножая его на 12.
Чистый коэффициент удержания JFrog в долларах сравнивает его ARR от одного и того же набора клиентов за сопоставимые периоды. JFrog вычисляет чистый коэффициент удержания в долларах, сначала идентифицируя клиентов (“Базовых клиентов”), которые были клиентами в последний месяц определенного квартала (“Базовый квартал”). Затем JFrog вычисляет ARR по контракту от этих Базовых клиентов за последний месяц того же квартала следующего года (“Квартал сравнения”). Этот расчет учитывает рост продаж, сокращение и сокращение с базового квартала. Затем JFrog делит общую сумму за квартал сравнения на общую сумму за Базовый квартал для Базовых клиентов. Коэффициент удержания чистого доллара JFrog в конкретном квартале получается путем усреднения результата за этот конкретный квартал с соответствующими результатами за каждый из предыдущих трех кварталов.
JFrog LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data; unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
2021 |
||||
Revenue: |
|
|
|
|
||||
Subscription—self-managed and SaaS |
|
$ |
59,069 |
|
|
$ |
41,338 |
|
License—self-managed |
|
|
4,627 |
|
|
|
3,749 |
|
Total subscription revenue |
|
|
63,696 |
|
|
|
45,087 |
|
Cost of revenue: |
|
|
|
|
||||
Subscription—self-managed and SaaS(1)(2)(3) |
|
|
13,643 |
|
|
|
8,236 |
|
License—self-managed(3) |
|
|
220 |
|
|
|
191 |
|
Total cost of revenue—subscription |
|
|
13,863 |
|
|
|
8,427 |
|
Gross profit |
|
|
49,833 |
|
|
|
36,660 |
|
Operating expenses: |
|
|
|
|
||||
Research and development(1)(2) |
|
|
27,101 |
|
|
|
13,836 |
|
Sales and marketing(1)(2)(3) |
|
|
29,180 |
|
|
|
19,765 |
|
General and administrative(1)(2)(4) |
|
|
12,691 |
|
|
|
13,671 |
|
Total operating expenses |
|
|
68,972 |
|
|
|
47,272 |
|
Operating loss |
|
|
(19,139 |
) |
|
|
(10,612 |
) |
Interest and other income, net |
|
|
273 |
|
|
|
360 |
|
Loss before income taxes |
|
|
(18,866 |
) |
|
|
(10,252 |
) |
Income tax expense (benefit) |
|
|
838 |
|
|
|
(2,357 |
) |
Net loss |
|
$ |
(19,704 |
) |
|
$ |
(7,895 |
) |
|
|
|
|
|
||||
Net loss per share - basic and diluted |
|
$ |
(0.20 |
) |
|
$ |
(0.09 |
) |
Weighted-average shares used in computing net loss per share, basic and diluted |
|
|
97,884 |
|
|
|
92,680 |
|
|
|
|
|
|
||||
(1) Includes share-based compensation expense as follows: |
|
|
|
|
||||
Cost of revenue: subscription—self-managed and SaaS |
|
$ |
1,306 |
|
|
$ |
762 |
|
Research and development |
|
|
5,132 |
|
|
|
1,829 |
|
Sales and marketing |
|
|
4,755 |
|
|
|
2,723 |
|
General and administrative |
|
|
2,881 |
|
|
|
6,436 |
|
Total share-based compensation expense |
|
$ |
14,074 |
|
|
$ |
11,750 |
|
|
|
|
|
|
||||
(2) Includes acquisition-related costs as follows: |
|
|
|
|
||||
Cost of revenue: subscription–self-managed and SaaS |
|
$ |
7 |
|
|
$ |
— |
|
Research and development |
|
|
2,375 |
|
|
|
351 |
|
Sales and marketing |
|
|
124 |
|
|
|
— |
|
General and administrative |
|
|
166 |
|
|
|
— |
|
Total acquisition-related costs |
|
$ |
2,672 |
|
|
$ |
351 |
|
|
|
|
|
|
||||
(3) Includes amortization of acquired intangibles as follows: |
|
|
|
|
||||
Cost of revenue: subscription–self-managed and SaaS |
|
$ |
2,386 |
|
|
$ |
— |
|
Cost of revenue: license—self-managed |
|
|
220 |
|
|
|
191 |
|
Sales and marketing |
|
|
236 |
|
|
|
182 |
|
Total amortization of acquired intangible assets |
|
$ |
2,842 |
|
|
$ |
373 |
|
|
|
|
|
|
||||
(4) Includes legal settlement costs as follows: |
|
|
|
|
||||
General and administrative |
|
$ |
94 |
|
|
$ |
— |
|
JFrog LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands; unaudited) |
||||||||
|
|
March 31, 2022 |
|
December 31, 2021 |
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
59,577 |
|
|
$ |
68,284 |
|
Short-term investments |
|
|
368,073 |
|
|
|
352,844 |
|
Accounts receivable, net |
|
|
49,389 |
|
|
|
50,483 |
|
Deferred contract acquisition costs |
|
|
5,949 |
|
|
|
5,271 |
|
Prepaid expenses and other current assets |
|
|
24,363 |
|
|
|
22,140 |
|
Total current assets |
|
|
507,351 |
|
|
|
499,022 |
|
Property and equipment, net |
|
|
7,377 |
|
|
|
6,689 |
|
Deferred contract acquisition costs, noncurrent |
|
|
10,499 |
|
|
|
9,120 |
|
Operating lease right-of-use assets |
|
|
24,235 |
|
|
|
25,999 |
|
Intangible assets, net |
|
|
45,138 |
|
|
|
47,980 |
|
Goodwill |
|
|
247,955 |
|
|
|
247,776 |
|
Other assets, noncurrent |
|
|
13,841 |
|
|
|
15,942 |
|
Total assets |
|
$ |
856,396 |
|
|
$ |
852,528 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
12,050 |
|
|
$ |
10,868 |
|
Accrued expenses and other current liabilities |
|
|
28,891 |
|
|
|
27,954 |
|
Operating lease liabilities |
|
|
7,205 |
|
|
|
7,293 |
|
Deferred revenue |
|
|
134,611 |
|
|
|
129,149 |
|
Total current liabilities |
|
|
182,757 |
|
|
|
175,264 |
|
Deferred revenue, noncurrent |
|
|
17,772 |
|
|
|
17,957 |
|
Operating lease liabilities, noncurrent |
|
|
17,943 |
|
|
|
20,014 |
|
Other liabilities, noncurrent |
|
|
1,406 |
|
|
|
712 |
|
Total liabilities |
|
|
219,878 |
|
|
|
213,947 |
|
Shareholders’ equity: |
|
|
|
|
||||
Share capital |
|
|
276 |
|
|
|
272 |
|
Additional paid-in capital |
|
|
795,808 |
|
|
|
776,690 |
|
Accumulated other comprehensive income (loss) |
|
|
(870 |
) |
|
|
611 |
|
Accumulated deficit |
|
|
(158,696 |
) |
|
|
(138,992 |
) |
Total shareholders’ equity |
|
|
636,518 |
|
|
|
638,581 |
|
Total liabilities and shareholders’ equity |
|
$ |
856,396 |
|
|
$ |
852,528 |
|
JFrog LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands; unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(19,704 |
) |
|
$ |
(7,895 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
3,519 |
|
|
|
1,006 |
|
Share-based compensation expense |
|
|
14,074 |
|
|
|
11,750 |
|
Non-cash operating lease expense |
|
|
1,806 |
|
|
|
1,278 |
|
Net amortization of premium or discount on investments |
|
|
1,628 |
|
|
|
1,343 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
1,094 |
|
|
|
(14,375 |
) |
Prepaid expenses and other assets |
|
|
(889 |
) |
|
|
(2,386 |
) |
Deferred contract acquisition costs |
|
|
(2,057 |
) |
|
|
(1,384 |
) |
Accounts payable |
|
|
960 |
|
|
|
(954 |
) |
Accrued expenses and other liabilities |
|
|
1,524 |
|
|
|
3,658 |
|
Operating lease liabilities |
|
|
(2,201 |
) |
|
|
(1,367 |
) |
Deferred revenue |
|
|
5,277 |
|
|
|
18,137 |
|
Net cash provided by operating activities |
|
|
5,031 |
|
|
|
8,811 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of short-term investments |
|
|
(92,211 |
) |
|
|
(88,580 |
) |
Maturities and sales of short-term investments |
|
|
74,637 |
|
|
|
61,825 |
|
Purchases of property and equipment |
|
|
(1,143 |
) |
|
|
(1,135 |
) |
Payments related to business combination |
|
|
(179 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(18,896 |
) |
|
|
(27,890 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from exercise of share options |
|
|
1,795 |
|
|
|
2,290 |
|
Proceeds from employee share purchase plan |
|
|
3,253 |
|
|
|
— |
|
Proceeds from employee equity transactions, net of payments to be remitted to tax authorities |
|
|
107 |
|
|
|
(1,008 |
) |
Net cash provided by financing activities |
|
|
5,155 |
|
|
|
1,282 |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
|
(8,710 |
) |
|
|
(17,797 |
) |
Cash, cash equivalents, and restricted cash—beginning of period |
|
|
68,540 |
|
|
|
164,739 |
|
Cash, cash equivalents, and restricted cash—end of period |
|
$ |
59,830 |
|
|
$ |
146,942 |
|
Reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
59,577 |
|
|
$ |
146,676 |
|
Restricted cash included in prepaid expenses and other current assets |
|
|
13 |
|
|
|
14 |
|
Restricted cash included in other assets, noncurrent |
|
|
240 |
|
|
|
252 |
|
Total cash, cash equivalents, and restricted cash |
|
$ |
59,830 |
|
|
$ |
146,942 |
|
JFrog LTD. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (in thousands except per share data; unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
2021 |
||||
Reconciliation of gross profit and gross margin |
|
|
|
|
||||
GAAP gross profit |
|
$ |
49,833 |
|
|
$ |
36,660 |
|
Plus: Share-based compensation expense |
|
|
1,306 |
|
|
|
762 |
|
Plus: Acquisition-related costs |
|
|
7 |
|
|
|
— |
|
Plus: Amortization of acquired intangibles |
|
|
2,606 |
|
|
|
191 |
|
Non-GAAP gross profit |
|
$ |
53,752 |
|
|
$ |
37,613 |
|
GAAP gross margin |
|
|
78.2 |
% |
|
|
81.3 |
% |
Non-GAAP gross margin |
|
|
84.4 |
% |
|
|
83.4 |
% |
|
|
|
|
|
||||
Reconciliation of operating expenses |
|
|
|
|
||||
GAAP research and development |
|
$ |
27,101 |
|
|
$ |
13,836 |
|
Less: Share-based compensation expense |
|
|
(5,132 |
) |
|
|
(1,829 |
) |
Less: Acquisition-related costs |
|
|
(2,375 |
) |
|
|
(351 |
) |
Non-GAAP research and development |
|
$ |
19,594 |
|
|
$ |
11,656 |
|
|
|
|
|
|
||||
GAAP sales and marketing |
|
$ |
29,180 |
|
|
$ |
19,765 |
|
Less: Share-based compensation expense |
|
|
(4,755 |
) |
|
|
(2,723 |
) |
Less: Acquisition-related costs |
|
|
(124 |
) |
|
|
— |
|
Less: Amortization of acquired intangibles |
|
|
(236 |
) |
|
|
(182 |
) |
Non-GAAP sales and marketing |
|
$ |
24,065 |
|
|
$ |
16,860 |
|
|
|
|
|
|
||||
GAAP general and administrative |
|
$ |
12,691 |
|
|
$ |
13,671 |
|
Less: Share-based compensation expense |
|
|
(2,881 |
) |
|
|
(6,436 |
) |
Less: Acquisition-related costs |
|
|
(166 |
) |
|
|
— |
|
Less: Legal settlement costs |
|
|
(94 |
) |
|
|
— |
|
Non-GAAP general and administrative |
|
$ |
9,550 |
|
|
$ |
7,235 |
|
|
|
|
|
|
||||
Reconciliation of operating income (loss) and operating margin |
|
|
|
|
||||
GAAP operating loss |
|
$ |
(19,139 |
) |
|
$ |
(10,612 |
) |
Plus: Share-based compensation expense |
|
|
14,074 |
|
|
|
11,750 |
|
Plus: Acquisition-related costs |
|
|
2,672 |
|
|
|
351 |
|
Plus: Amortization of acquired intangibles |
|
|
2,842 |
|
|
|
373 |
|
Plus: Legal settlement costs |
|
|
94 |
|
|
|
— |
|
Non-GAAP operating income |
|
$ |
543 |
|
|
$ |
1,862 |
|
GAAP operating margin |
|
|
(30.0 |
)% |
|
|
(23.5 |
)% |
Non-GAAP operating margin |
|
|
0.9 |
% |
|
|
4.1 |
% |
|
|
|
|
|
||||
Reconciliation of net income (loss) |
|
|
|
|
||||
GAAP net loss |
|
$ |
(19,704 |
) |
|
$ |
(7,895 |
) |
Plus: Share-based compensation expense |
|
|
14,074 |
|
|
|
11,750 |
|
Plus: Acquisition-related costs |
|
|
2,672 |
|
|
|
351 |
|
Plus: Amortization of acquired intangibles |
|
|
2,842 |
|
|
|
373 |
|
Plus: Legal settlement costs |
|
|
94 |
|
|
|
— |
|
Plus: Income tax effects |
|
|
180 |
|
|
|
(2,736 |
) |
Non-GAAP net income |
|
$ |
158 |
|
|
$ |
1,843 |
|
Net income per share - basic |
|
$ |
0.00 |
|
|
$ |
0.02 |
|
Net income per share - diluted |
|
$ |
0.00 |
|
|
$ |
0.02 |
|
Shares used in non-GAAP net income (loss) per share calculations: |
|
|
|
|
||||
GAAP weighted-average shares used to compute net income (loss) per share - basic and diluted |
|
|
97,884 |
|
|
|
92,680 |
|
Add: Dilutive ordinary share equivalents |
|
|
6,065 |
|
|
|
10,563 |
|
Non-GAAP weighted-average shares used to compute net income per share - diluted |
|
|
103,949 |
|
|
|
103,243 |
|
JFrog LTD. RECONCILIATION OF GAAP CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW (in thousands; unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
2021 |
||||
Net cash provided by operating activities |
|
$ |
5,031 |
|
|
$ |
8,811 |
|
Less: purchases of property and equipment |
|
|
(1,143 |
) |
|
|
(1,135 |
) |
Free cash flow |
|
$ |
3,888 |
|
|
$ |
7,676 |
|
